The market is estimated to grow with a CAGR of 4.2% from 2020 to 2027.
According to our new market research study on “Near Infrared Imaging Market to 2027 – Global Analysis and Forecast – by product, applications and end user,” the market is expected to reach US$ 543.24 million by 2027 from US$ 395.14 million in 2019. The market is estimated to grow with a CAGR of 4.2% from 2020 to 2027. The report highlights trends prevailing in the market, and drivers and hindrances pertaining to the market growth.
Near infrared imaging uses light from 650 to 950 nm to detect any caused changes, accidents, or illnesses. It is an effective diagnostic tool for tissue imaging that is minimally invasive and non-ionizing. Blood or water, which are the main components of tissues, do not absorb NIR well thereby increasing the changes in illumination for internal structures. Since it offers faster resolution and is less harmless to patients, it is beneficial over other strategies.
The scope of the Near Infrared Imaging market includes procedure Near Infrared Imaging products, applications, end user and region. The market for Near Infrared Imaging is analyzed based on regions such as North America, Europe, Asia Pacific, Middle East & Africa, and South and Central America. The report offers insights and in-depth analysis of the Near Infrared Imaging market emphasizing on various parameters such as market trends, technological advancements, market dynamics, and competitive landscape analysis of leading market players across the globe.
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Near Infrared Imaging Market Competitive Landscape
Karl storz se and co.kg, Olympus Corporation, Carl Zeiss Meditech AG, Leica Microsystems, PerkinElmer, Inc., Li-Cor, Inc., Hamamatsu Photonics K.K., Quest Medical Imaging B.V, Mizuho Medical Co., Ltd, and Shimadzu Corporation are among the leading companies operating in the Near Infrared Imaging market.
COVID-19 pandemic has become the most significant challenge across the world. This challenge will be frightening especially in developing countries across the globe as it will lead to reducing imports due to disruptions in global trade. The COVID-19 pandemic affected the pharmaceutical, medical device, R & D, and other businesses across the globe. Near infrared imaging devices are critical care medical devices in several surgical procedures. As the rise of the pandemic crisis was uncertain, there is shortage in supply of various diagnostic imaging devices and consumables. It has been difficult for the hospital to manage the medical devices used for in-house patients and COVID19 patients. To deal with the situation, the market players focus their business operations towards increasing the production capacities. For instance, US based company Li-Cor, Inc. has accelerated its production lines for Near-infrared (NIR) Western blotting systems and the In-Cell Western Assay consumables which are valuable tools offered by Li COR Inc. and will expedite the research on COVID 19 vaccine development.
Increasing Number of Surgical Procedures across the world
A rise in surgical procedures has increased the use of visualization equipment to perform the surgery. Microsurgery has been opted by population on a large scale owing to increasing chronic diseases caused by work pressure, stress, improper eating habits, heredity, and exposure to chemicals. Additionally, according to American Society of Plastic Surgeons, an increase in number of several cosmetic surgeries has become one of the major factors for the market growth. Thus growing surgical procedures and rise in the awareness are expected to boost the near infrared imaging market in the coming years.
According to a report published by the Lancet Commission on Global Surgery (2015), ~28–32% of the burden of disease can be attributed to the surgically treatable conditions globally and 143 million additional surgical procedures are required to reduce the mortality every year. Moreover, according to a report of Healthcare Cost and Utilization Project (HCUP), in 2017, 17.2 million patients visited the hospital for various surgeries including invasive and therapeutic surgeries. The increasing awareness among patient population with respect to benefits of treating a medical condition with surgery at appropriate stage is driving the demand of surgical procedures to treat sudden unmet medical conditions.Thus, the increasing number of surgical procedures is likely to enhance the growth of the near infrared imaging market during the forecast years.
Near Infrared Imaging Market Segmentation Review
Global near infrared imaging market, based on near infrared imaging products, the near infrared imaging market is segmented into device and reagents. In 2019, the devices segment accounted for the highest share of the market. Growth of this segment is attributed to increasing adoption of near infrared imaging systems in surgical procedures. The same segment is likely to register highest CAGR in the global Near Infrared Imaging market during the forecast period.
Global near infrared imaging market, based on application, the near infrared imaging market is segmented into pre-clinical imaging, cancer surgeries, gastrointestinal surgeries, cardiovascular surgeries, plastic/reconstructive surgeries, and other applications. The cancer surgeries segment held the largest share of the market in 2019, and same segment is anticipated to register the highest CAGR of 4.7% in the market during the forecast period.
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